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Money for your plan payment, tax refunds.
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∙ 14y ago
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Why can a trustee take your income tax return if you are filing a chapter 7 bankruptcy which relieves you of your debt and does the trustee give the money to the creditors?
The trustee may take the refund and distribute it to creditors because a tax refund is not considered an exempted asset under bankruptcy laws.
Will bankruptcy trustee take pain and suffering settlement?
If (a) you filed Chapter 7 *AND* (b) the injury occurred *AFTER* you filed, no. Otherwise, you should discuss it with your bankruptcy attorney.
If you filed chapter 13 bankruptcy will the trustee take your tax refund?
Yes. For 3 years. They do not take it all. You will get to keep your EIC and certain other credits that may be given that year. This is per my bankruptcy lawyer.
When in a chapter 13 bankruptcy for more than 4 years and receiving money for a 100 percent disability that happened after filing bankruptcy can bankruptcy take the settlement?
"Bankruptcy" does not take anything. The Chapter 13 Trustee is the one who "takes" anything there is to be taken. And, no, your settlement - if you mean a retroactive check for disability (SSDI) - is not available to the trustee. If you are talking about a settlement of a lawsuit, probably not, unless the cause of action existed at the time you filed the c. 13 and did not exempt any possible award. Talk to your bankruptcy lawyer.
You have file chapter 13 and my spouse passed away during your repayment plan Will the trustee take the entire insurance?
Consult an experienced competent bankruptcy attorney. Tell him everything. Make sure he explains his answer and the basis of the answer.
Can the Trustee take money after the bankruptcy is dismissed?
NO....DUHHHHHHHHHHHH
Can a trustee in chapter 7 bankruptcy take all of your income tax check if you have kids?
Sure. Can you take the money and not pay it back as you promised from a business whose owner and employees have kids?
Is there anyway to purchase a new home while still in chapter 13 bankruptcy?
When participating in a Chapter 13 bankruptcy, all major financial transactions must be approved by the bankruptcy trustee. One of the factors the trustee will take into consideration is if the transaction is necessary. For instance the purchase of a vehicle for transportation to a place of employment would probably be allowed. The purchasing of a home might not qualify as a neccessity unless it was an issue of health/safety.
After discharge on a chapter 7 bankruptcy can the trustee take your truck which is paid for?
If the vehicle was not included as non-exempt property in the BK petition it is considered exempt from sale and seizure.
If you are currently under Chapter 13 and have been for about 2 years how long does it take before you can try to sell your house and purchase another one?
That's a decision that is made by the BK trustee. The participants of a chapter 13 bankruptcy must get the permission of the trustee for all major financial transactions.
What are the various categories of bankruptcy individuals can file for?
It depends on if its for an individual or business. For an individual there is Chapter 7 and 13. In chapter 7 you will basically repay your debt at a reasonable amount to a trustee over the course of 5 years. In Chapter 13 your assets, (home car) are safe as long as you make the payments to the trustee. In Chapter 7 basically every debt is wiped out (but you'll take a big hit on your credit score) and your assets are not safe. A trustee can order your assets (car,home) to be sold to pay off your creditors.
Will the bankruptcy trustee take all of your tax return refund?
I think it depends on when the bankruptcy is discharged, but it would be discussed at your meeting with the creditors and the trustee. If it wasn't discussed, then the refund is yours.
